Page 12 - RE-NJ

TODD West Redevelopment, Plainfi eld, NJ
OUR CLIENTS
Our clients are primarily developer
clients who invest in mixed-
use residential and multifamily
buildings, as well as industrial
developers who build warehouses.
Our clients are large established
developers, as well as smaller
real estate investors. They
come to us based on our high
level of expertise in each of our
areas of focus. Additionally, we
add a tremendous amount of
value acting as a development
consultant for our smaller clients.
We understand the entire
development process, as well
as real estate economics. This is
where we help our clients shine.
PROJECT SPOTLIGHT
One of our most noteworthy
projects to date is the TODD
West Redevelopment project in
Plainfi eld, New Jersey. This project
is right in our backyard and dear
to us because it has been a very
involved process that started pre-
COVID and had many challenges
resulting from the economic
hurdles. The project started as
a 357-unit, four-building mixed-
use residential compound in the
heart of Plainfi eld’s downtown
district. Two of the buildings
were 11 stories with rooftop
restaurants. This was the pre-
COVID design, which required
several redevelopment plan
amendments, which were part
of many negotiations with city
redevelopment offi cials. Approvals
were achieved in 2021 in the
midst of the pandemic. At this
time construction prices started
to soar, along with nationwide
supply chains woes, putting
a damper of the future of the
project. Then came rising interest
rates, hampering the fi nancial
ON THE HORIZON
Looking into the near future, we
still see mixed-use residential
as an area of continued growth.
We know that New Jersey
and the nation are still lacking
quality housing solutions and
with single-family housing out
of reach for many, multifamily
projects are satisfying that
need. Additionally, many of our
aging towns and cities are in
95 Watchung Avenue
North Plainfi eld, NJ 07060
OUR EXPERTISE
♦ Mixed-use residential /
multifamily design
♦ Warehouse / industrial
design
health of the project. In 2023, the
decision was made to reduce the
scope and scale of the project,
revising our two 11-story buildings
to six stories. This change to
wood construction over podium
lowered construction costs
dramatically, opening up more
opportunities with lenders. Today
the project is approved for 282
units. One building is complete,
one currently under construction
and the remaining two buildings
slated to start construction in
the next year. What an incredible
testament to the challenges of real
estate design, construction and
development.
need of redevelopment. The
mixed-use model of live, work
and play has seen tremendous
success in the past decade.
Additionally, in our industrial
markets, we look forward to
contributing to data warehouse
development. The rise of
AI-specifi c buildings and the
power needed to feed them
is going to be a tremendous
market.